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Crypto News - Archive

IBM Launches Advanced Cold Storage Technology for Cryptocurrency

Author

Jay Solano

Tags

Tags Editor's Choice / Slider Posts

Reading time

2 mins
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Author

Jay Solano

Tags

Editor's Choice / Slider Posts

Category

Crypto News - Archive

Reading time

2 mins
Last update

Author

Jay Solano

Tags

Editor's Choice, Slider Posts

Reading time

2 mins
Last update


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A global technology leader, IBM has introduced a new cryptographic signing technology designed to enhance the security of digital assets stored in cold storage. This innovation aims to minimize risks typically associated with manual procedures while ensuring the assets remain isolated from internet access.

The technology, dubbed IBM Hyper Protect Offline Signing Orchestrator (OSO), adds several layers of security to safeguard high-value cryptocurrency transactions. These measures include operations conducted on a disconnected network, time-based security protocols, and electronic approval of transactions by multiple stakeholders. This approach represents IBM’s ongoing commitment to integrating advanced security solutions into managing digital assets and cryptocurrencies.

IBM’s venture into this domain reflects its expertise in key management, particularly within its confidential computing suite of technologies, which it has applied to digital assets and cryptocurrencies recently. The primary challenge with cold storage solutions has been the human element, which poses various risks. These risks range from insider threats and forced attacks (where transactions are signed under duress) to operational errors at data centers and the rudimentary “pen and paper” methods.

In a significant partnership, IBM’s new OSO technology is currently being utilized by Metaco, a custody firm owned by Ripple and a long-time collaborator with IBM in cryptocurrency. Adrien Treccani, CEO of Metaco, expressed confidence in IBM’s confidential computing division, highlighting the importance of IBM’s air-gapped cold storage solution in Metaco’s portfolio. This technology is particularly relevant as regulators in financial markets such as Singapore, Hong Kong, and Japan increasingly mandate cold storage requirements.

This development by IBM signals a significant advancement in the security and management of cryptocurrency assets, aligning with the growing regulatory demands and the need for robust, secure solutions in the digital asset space.